Question: A company received the following notes during 2014. The notes were discounted on the dates and at the rates indicated. Required Identify each note by

A company received the following notes during 2014. The notes were discounted on the dates and at the rates indicated.

Required
Identify each note by letter, compute interest using a 365-day year for all notes, round all interest amounts to the nearest cent, and present entries in general journal form. Explanations are not required.
1. Determine the due date and maturity value of each note.
2. Determine the discount and proceeds from the sale (discounting) of each note.
3. Journalize the discounting of notes (a) and (b).

Principal Amount Discount Rate Date Discounted Interest Rate 8% Note (a) (b) Term 60 days 90 days Date Jun. 15 Aug. 1 Nov. 21 (c) 12% 12 15 July 15 $20,000 9,000 12,000 Aug. 27 Dec. 4 10 15

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